Lotus dispel rumours of financial collapse

The Lotus F1 team has sufficient funds to complete the season despite persistent rumours of closure, according to Deputy Team Principal Federico Gastaldi.

Earlier this week an HM Reveue and Customers application to put the team into adminstration was adjourned to Friday 18th September, the first day of free practice for the Singaprore Grand Prix.

The Enstone-based team has been subject to considerable rumours in recent weeks regarding a buy-out from Renault, with the French car maker known to be eager to return to the sport as a manufacturer team.

Gastaldi spoke with the BBC: “Don’t believe the negative rumours you hear. We believe in the team, we believe in Formula 1 and we believe we’ll still be here fighting for the rest of this season and beyond.”

“They say what doesn’t kill you makes you stronger. I can confirm that the team is very much alive but we have been going through a very strenuous workout programme this season. Things have certainly been tight and we’ve embraced the Japanses ‘just-in-time’ philosphy a little too literally on occassion. All this has been necessary, but we keep fighting the good fight.”

Lotus F1 was recently handed a financial lifeline, with FOM providing the team with an advance on its 2016 prize money, estimated to be in the region of £1.5m. It is believed that the team has total debts close to £128m.

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